SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON D.C. 20549

                                    FORM 10-Q

(Mark One)

(X)  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

         For the thirty-nine weeks ended September 29, 2001
                                         ------------------

( )  TRANSITION  REPORT  PURSUANT  TO  SECTION  13 OR  15(d)  OF THE  SECURITIES
     EXCHANGE ACT OF 1934

         For the transition period from __________ to __________

                          Commission File Number 1-5084

                              TASTY BAKING COMPANY

               (Exact name of company as specified in its charter)

         Pennsylvania                                   23-1145880
--------------------------------------------------------------------------------
    (State of Incorporation)               (IRS Employer Identification Number)


           2801 Hunting Park Avenue, Philadelphia, Pennsylvania 19129
--------------------------------------------------------------------------------
               (Address of Principal Executive Offices)      (Zip Code)


                                 (215) 221-8500
--------------------------------------------------------------------------------
                (Company's Telephone Number, including area code)

Indicate by check mark whether the company (1) has filed all reports required to
be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of 1934 during
the  preceding  12 months  (or for such  shorter  period  that the  company  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.

         Yes X                                       No
            ---                                        ---

                      APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock, as of the latest practicable date.

  Common Stock, par value $.50                             8,052,677
-------------------------------------------------------------------------------
        (Title of Class)                          (No. of Shares Outstanding
                                                      at November 7, 2001)



                                    1 of 10
<PAGE>


                      TASTY BAKING COMPANY AND SUBSIDIARIES


                                      INDEX


                                                                           Page


PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

         Consolidated Condensed Balance Sheets
         September 29, 2001 and December 30, 2000........................... 3

         Consolidated Condensed Statements of Operations
         Thirteen and Thirty-nine weeks ended
         September 29, 2001 and September 23, 2000.......................... 4

         Consolidated Condensed Statements of Cash Flows
         Thirty-nine weeks ended September 29, 2001 and September 23, 2000.. 5

         Notes to Consolidated Condensed Financial Statements............... 6

Item 2.  Management's Discussion and Analysis of Financial
         Condition and Results of Operations................................7-8

Item 3.  Quantitative and Qualitative Disclosure
         About Market Risk9

PART II. OTHER INFORMATION

Item 2.  Changes in Securities and Use of Proceeds.......................... 9

Item 6.  Exhibits and Reports on Form 8-K................................... 9

Signature...................................................................11





                                    2 of 10
<PAGE>

 PART I. FINANCIAL INFORMATION
 Item 1. Financial Statements

                                           TASTY BAKING COMPANY AND SUBSIDIARIES
                                           CONSOLIDATED CONDENSED BALANCE SHEETS
                                                        (unaudited)
<TABLE>
<CAPTION>

---------------------------------------------------------------------------------------------------------------------------
                                                                         September 29, 2001          December 30, 2000
---------------------------------------------------------------------------------------------------------------------------
 Current assets:
<S>                                                                            <C>                             <C>
       Cash                                                                    $ 109,058                       $ 311,242
       Accounts and notes receivable, net of
         allowance for doubtful accounts                                      25,593,399                      20,771,853
       Inventories:
             Raw materials                                                     3,905,783                       3,433,599
             Work in progress                                                    763,225                         705,380
             Finished goods                                                    2,414,189                       1,791,570
                                                                 --------------------------------------------------------
                                                                               7,083,197                       5,930,549
       Deferred income taxes, prepayments and other                            3,286,587                       3,518,928
                                                                 --------------------------------------------------------
             Total current assets                                             36,072,241                      30,532,572
                                                                 --------------------------------------------------------
 Property, plant and equipment:                                              184,299,482                     178,302,048
       Less accumulated depreciation                                         123,752,646                     118,487,509
                                                                 --------------------------------------------------------
                                                                              60,546,836                      59,814,539
                                                                 --------------------------------------------------------
 Long-term receivables                                                        10,244,930                       9,652,433
                                                                 --------------------------------------------------------
 Deferred income taxes                                                         8,533,257                       8,533,257
                                                                 --------------------------------------------------------
 Spare parts inventory and miscellaneous assets                                4,053,446                       3,659,416
                                                                 --------------------------------------------------------
 Total assets                                                              $ 119,450,710                    $112,192,217
                                                                 ========================================================
 Current liabilities:
       Current obligations under capital leases                                $ 200,159                       $ 216,820
       Notes payable, banks                                                    2,900,000                       2,200,000
       Accounts payable                                                        7,058,095                       5,385,864
       Accrued liabilities                                                     7,436,769                       7,255,765
                                                                 --------------------------------------------------------
          Total current liabilities                                           17,595,023                      15,058,449
                                                                 --------------------------------------------------------
 Long-term debt, less current portion                                         13,000,000                      13,000,000
                                                                 --------------------------------------------------------
 Long-term obligations under capital leases,
       less current portion                                                    3,664,496                       3,842,904
                                                                 --------------------------------------------------------
 Accrued pensions and other liabilities                                       11,642,969                      11,728,847
                                                                 --------------------------------------------------------
 Postretirement benefits other than pensions                                  18,385,938                      18,388,339
                                                                 --------------------------------------------------------
 Shareholders' equity:
       Common stock                                                            4,558,243                       4,558,243
       Capital in excess of par value of stock                                29,153,507                      29,742,434
       Retained earnings                                                      35,152,814                      32,351,894
                                                                 --------------------------------------------------------
                                                                              68,864,564                      66,652,571
       Less:
       Treasury stock, at cost                                                13,213,241                      16,106,361
       Management Stock Purchase Plan
             receivables and deferrals                                           489,039                         372,532
                                                                 --------------------------------------------------------
                                                                              55,162,284                      50,173,678
                                                                 --------------------------------------------------------
 Total liabilities and shareholders' equity                                $ 119,450,710                    $112,192,217
                                                                 ========================================================


                          See accompanying notes to consolidated condensed financial statements.
</TABLE>

                                                          3 of 10



<PAGE>
<TABLE>
<CAPTION>
                                                TASTY BAKING COMPANY AND SUBSIDIARIES
                                           CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
                                                             (unaudited)


----------------------------------------------------------------------------------------------------------------------------------
                                               For the Thirteen Weeks Ended                 For the Thirty-nine Weeks Ended
                                    September 29, 2001      September 23, 2000    September 29, 2001           September 23, 2000
----------------------------------------------------------------------------------------------------------------------------------
<S>                                   <C>                  <C>                    <C>                         <C>
 Gross Sales                          $ 62,531,791         $ 60,571,793           $ 194,707,238               $ 184,618,949
 Less discounts and allowances         (22,191,145)         (20,716,010)            (68,948,385)                (62,701,448)
                                    -------------------------------------------------------------------------------------------
 Net Sales                              40,340,646           39,855,783             125,758,853                 121,917,501
                                    -------------------------------------------------------------------------------------------
 Costs and expenses:
      Cost of sales                     26,929,080           26,154,324              80,438,854                  78,530,920

      Depreciation                       1,713,048            1,900,398               5,265,136                   5,582,234

      Selling, general and
         administrative                 10,042,967            9,595,653              31,033,804                  28,903,436

      Interest expense                     264,225              411,812                 866,622                   1,137,362

      Other income, net                   (316,181)            (346,385)               (937,410)                   (971,142)
                                    -------------------------------------------------------------------------------------------

                                        38,633,139           37,715,802             116,667,006                 113,182,810
                                    -------------------------------------------------------------------------------------------

 Income before provision for
      income taxes                       1,707,507            2,139,981               9,091,847                   8,734,691

 Provision for income taxes                657,430              748,924               3,423,787                   3,096,725
                                    -------------------------------------------------------------------------------------------


 Net income                            $ 1,050,077          $ 1,391,057             $ 5,668,060                 $ 5,637,966
                                    ===========================================================================================


 Average common shares outstanding:
           Basic                         8,041,297            7,845,341               7,980,580                   7,833,294
           Diluted                       8,202,964            7,886,859               8,124,676                   7,852,424

 Per share of common stock:

 Net income:  Basic                          $0.13                $0.18                   $0.71                       $0.72
                                    ===========================================================================================
              Diluted                        $0.13                $0.18                   $0.70                       $0.72
                                    ===========================================================================================

 Cash dividend                               $0.12                $0.12                   $0.36                       $0.36
                                    ===========================================================================================



                               See accompanying notes to consolidated condensed financial statements.


</TABLE>

                                                               4 of 10

<PAGE>
<TABLE>
<CAPTION>
                                              TASTY BAKING COMPANY AND SUBSIDIARIES
                                         CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                                                           (unaudited)

--------------------------------------------------------------------------------------------------------------------------------
                                                                                      For the Thirty-nine Weeks Ended
                                                                           September 29, 2001                September 23, 2000
--------------------------------------------------------------------------------------------------------------------------------


 Cash flows from (used for) operating activities
<S>                                                                               <C>                               <C>
       Net income                                                                 $ 5,668,060                       $ 5,637,966
       Adjustments to reconcile net income to net
        cash provided by operating activities:
           Depreciation                                                             5,265,135                         5,582,234
           Amortization                                                                49,927                            50,040
           Other                                                                      307,452                          (916,195)
       Changes in assets and liabilities
        affecting operations                                                       (3,888,618)                       (4,834,946)
                                                                  --------------------------------------------------------------

       Net cash from operating activities                                           7,401,956                         5,519,099
                                                                  --------------------------------------------------------------

 Cash flows from (used for) investing activities
       Purchase of property, plant and equipment                                   (5,997,432)                       (6,268,073)
       Proceeds from owner/operators' loan repayments                               2,888,092                         3,059,301
       Loans to owner/operators                                                    (3,480,589)                       (2,613,202)
       Other                                                                           29,885                            29,085
                                                                  --------------------------------------------------------------

       Net cash used for investing activities                                      (6,560,044)                       (5,792,889)
                                                                  --------------------------------------------------------------

 Cash flows from (used for) financing activities
       Additional long-term debt                                                    1,000,000                         5,000,000
       Dividends paid                                                              (2,867,140)                       (2,818,937)
       Payment of long-term debt                                                   (1,195,069)                       (4,144,877)
       Net increase in short-term debt                                                700,000                         1,600,000
       Net proceeds from sale of common stock                                       1,318,113                           (36,704)
                                                                  --------------------------------------------------------------

       Net cash used for financing activities                                      (1,044,096)                         (400,518)
                                                                  --------------------------------------------------------------

       Net decrease in cash                                                          (202,184)                         (674,308)

       Cash, beginning of year                                                        311,242                           705,494
                                                                  --------------------------------------------------------------

       Cash, end of period                                                          $ 109,058                          $ 31,186
                                                                  ==============================================================


       Supplemental Cash Flow Information:
       Cash paid during the period for:
           Interest                                                                 $ 716,220                         $ 974,785
                                                                  ==============================================================
           Income taxes                                                           $ 3,058,642                       $ 4,783,833
                                                                  ==============================================================

       Noncash financing activities:
           Issuance of common stock for services                                    $ 804,759                         $ 319,016
                                                                  ==============================================================


                             See accompanying notes to consolidated condensed financial statements.


</TABLE>


                                                             5 of 10

<PAGE>

                      TASTY BAKING COMPANY AND SUBSIDIARIES
              NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS


1.     Interim Financial Information
       In the opinion of management,  the  accompanying  unaudited  consolidated
       condensed  financial  statements  contain all adjustments  (consisting of
       only normal recurring accruals) necessary to present fairly the financial
       position of the company as of  September  29, 2001 and December 30, 2000,
       the results of its  operations  for the  thirteen and  thirty-nine  weeks
       ended  September  29, 2001 and  September 23, 2000 and cash flows for the
       thirty-nine  weeks ended September 29, 2001 and September 23, 2000. These
       unaudited  consolidated  condensed financial statements should be read in
       conjunction  with the  consolidated  financial  statements  and footnotes
       thereto in the company's 2000 Annual Report to Shareholders. In addition,
       the results of operations for the  thirty-nine  weeks ended September 29,
       2001 are not necessarily indicative of the results to be expected for the
       full year.

       Certain  expense items are charged to  operations  in the year  incurred.
       However,  for interim  reporting  purposes  the  expenses  are charged to
       operations on a pro-rata basis over the company's accounting periods. For
       the thirteen and thirty-nine weeks ended September 29, 2001 and September
       23, 2000, the  difference  between the actual  expenses  incurred and the
       expenses charged to operations was not material.

2.     Net Income Per Common Share
       Net income per common share is  presented  as basic and diluted  earnings
       per share.  Net income per common  share - Basic is based on the weighted
       average number of common shares  outstanding  during the year. Net income
       per common  share - Diluted is based on the  weighted  average  number of
       common shares and dilutive potential common shares outstanding during the
       year. The company's  dilutive  potential common shares outstanding during
       the year result  entirely from dilutive stock options.  Potential  common
       shares  which  would  result from the  exercise of stock  options are not
       included  in the  computation  of  diluted  per  share  amounts  when the
       options'  exercise  price is greater than the average market price of the
       common shares.

3.     Debt Refinancing
       On September 28, 2001,  management  chose not to extend the company's $30
       million Revolving Credit Agreement (Revolver) with the current lender. On
       November 9, 2001,  a proposal  was signed and accepted by the company and
       two banks to enter into a new Credit Facility  (Facility) for $40 million
       to replace the Revolver and its current  short-term lines of credit.  The
       Facility  will  provide  $15  million in  short-term  borrowings  and $25
       million in  long-term  borrowings  with options to extend the maturity of
       the Facility  indefinitely,  upon  approval of the banks.  Based on these
       commitments accepted by the company and the banks, the Revolver continues
       to be classified as long-term.

4.     Subsequent Event
       On October 19, 2001 the  company's  wholly-owned  subsidiary,  Dutch Mill
       Baking Company,  Inc., closed its manufacturing  facility in Wyckoff, New
       Jersey.  The company is  currently  evaluating  the costs  related to the
       plant  closing.  This charge will be recognized in the fourth  quarter of
       2001.


                                    6 of 10
<PAGE>


                      TASTY BAKING COMPANY AND SUBSIDIARIES

Item 2.       Management's Discussion and Analysis of Financial Condition
              and Results of Operations

Results of Operations

For the third quarter of 2001,  net income  decreased to $1,050,077  compared to
$1,391,057 for the third quarter of 2000. Net income per share decreased to $.13
from $.18 per share for the comparable quarter of 2000.

Net income for the thirty-nine  weeks ended September 29, 2001 was $5,668,060 or
$.70 per share.  Net income for the  thirty-nine  weeks ended September 23, 2000
was $5,637,966 or $.72 per share.

For the third quarter,  gross sales increased 3.2% to  $62,531,791,  compared to
$60,571,793 last year. The increase in gross sales for the third quarter of 2001
is primarily due to price  increases  instituted in the fourth  quarter of 2000.
Gross sales, less discounts and allowances, resulted in an increase in net sales
of  1.2% to  $40,340,646,  compared  to  $39,855,783  reported  last  year.  The
percentage increase in net sales was lower than the percentage increase in gross
sales due to the effect of returns and commissions.

Cost of sales, as a percentage of gross sales, was 43.1% and 43.2% for the third
quarters of 2001 and 2000,  respectively.  The slight  improvement  in 2001 over
2000 can be attributed to the price increases offset by an increase in labor and
utility costs.

Depreciation  expense  decreased  by  $187,350  for the  third  quarter  of 2001
compared to 2000.  The majority of the decrease was the result of the evaluation
in the second  quarter of 2001 of the  utilization of certain fixed assets and a
determination  that their  useful  lives  should be extended to seven years from
five years.

Selling,  general  and  administrative  expenses  for the third  quarter of 2001
increased by $447,314 or 4.7% compared to the third quarter of 2000 generally as
the result of an increase in certain administrative expenses including utilities
and temporary labor.

Interest  expense  decreased  for the third  quarter  of 2001  versus  the third
quarter of 2000 as a result of decreased average interest rates as well as lower
average borrowing levels.

The effective  tax rate was 38.5% for the quarter  ended  September 29, 2001 and
35.0% for the quarter  ended  September  23, 2000,  which  compares to a federal
statutory  rate of 34%.  The  difference  between  the  effective  rate  and the
statutory  rate in the third quarter of 2001 was the effect of state taxes.  The
difference  between  the  effective  rate and the  statutory  rate in the  third
quarter of 2000 was the effect of state taxes  partially  offset by tax benefits
arising from passive income.

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<PAGE>



Financial Condition

The company has  consistently  demonstrated  the ability to generate  sufficient
cash  flow from  operations.  Bank  borrowings,  under  various  lines of credit
arrangements, are used to supplement cash flow from operations during periods of
cyclical shortages.

For the  thirty-nine  weeks ended  September 29, 2001,  net cash from  operating
activities  increased by $1,882,857 to $7,401,956  from  $5,519,099 for the same
period in 2000.  The  increase  in 2001  compared to 2000 was due to a number of
factors.  Favorable non-cash  adjustments to 2001 net income resulted from stock
bonuses,  and for the same  period in 2000 an  unfavorable  non-cash  adjustment
resulted from a decrease in accrued pension  expense.  There was also a decrease
in the negative  change in assets and  liabilities  when comparing 2001 to 2000,
most of which can be attributed to an increase in income tax payments.

Net cash used for investing activities for the thirty-nine weeks ended September
29, 2001 increased by $767,155 relative to the same period in 2000. The increase
was principally due to an increase in loans to  owner/operators  compared to the
prior year.

Net cash used for financing activities for the thirty-nine weeks ended September
29, 2001 increased by $643,578  relative to the same thirty-nine  weeks in 2000.
The increase is primarily the result of a reduction of net  borrowings  relative
to the prior year through the use of excess cash from  operating  activities and
proceeds  from the sales of treasury  stock  through the  exercise of  executive
stock options.

On September 28, 2001,  management chose not to extend the company's $30 million
Revolving  Credit Agreement  (Revolver) with the current lender.  On November 9,
2001,  a proposal  was signed and accepted by the company and two banks to enter
into a new Credit  Facility  (Facility)  for $40 million to replace the Revolver
and its  current  short-term  lines of credit.  The  Facility  will  provide $15
million in short-term  borrowings and $25 million in long-term  borrowings  with
options to extend the maturity of the Facility  indefinitely,  upon  approval of
the banks.

For  the  remainder  of  2001  the  company  anticipates  that  cash  flow  from
operations,  along with the continued availability of the existing bank lines of
credit,  the new credit  facility and other  long-term  financing,  will provide
sufficient cash to meet operating and financing requirements.

Forward-Looking Statements

Certain   statements  in  this  filing  that  are  not   historical   facts  are
"forward-looking  statements"  within  the  meaning  of the  Private  Securities
Litigation  Reform Act of 1995.  Forward-looking  statements  involve  risks and
uncertainties,  which could cause actual results to differ from those projected.
Factors  that  could  cause  actual  results  to differ  materially  from  those
expressed  or  implied by such  forward-looking  statements  include  changes in
general economic or business conditions,  the availability of capital upon terms
acceptable to the company,  the  availability  and prices of raw materials,  the
level of demand  for the  company's  products,  legal  proceedings  to which the
company is or may become a party,  the  actions of  competitors  and  customers,
changes in consumer tastes or eating habits, the success of plant  modernization
and business strategies  implemented by the company,  and the ability to develop
and market in a timely and efficient  manner new products  which are accepted by
consumers.



                                    8 of 10
<PAGE>




Item 3.       Quantitative and Qualitative Disclosure About Market Risk

     The company has certain  floating  rate debt notes.  Under  current  market
conditions, the company believes that changes in interest rates would not have a
material impact on the financial statements of the company. The company also has
notes receivable from owner operators whose rates adjust every three years, and,
therefore,  would partially  offset the  fluctuations in the company's  interest
rates on its notes  payable.  The company also has the right to sell these notes
receivable,  and could use these proceeds to liquidate a corresponding amount of
the debt notes payable.


                      TASTY BAKING COMPANY AND SUBSIDIARIES

PART II.      OTHER INFORMATION

Item 2.       Changes in Securities and Use of Proceeds
              During the quarter,  the company sold 46,500  shares of its common
              stock to one  officer of the company  pursuant to the  exercise of
              outstanding stock options.  The options were purchased through the
              exchange of existing shares owned by the officer with an aggregate
              fair market  value of $513,188  representing  the total price paid
              for the exercised  options.  The options were  originally  granted
              under the terms and  conditions  of the  company's  various  stock
              option plans and the stock option awards made from time to time to
              officers. The original stock option awards and the subsequent sale
              of common  stock by the company are exempt  from  registration  as
              transactions  by the issuer not  involving  a public  offering  as
              provided  under  Section 4(2) of the  Securities  Act of 1933,  as
              amended, and the regulations and rulings thereunder.  In addition,
              the sale of common stock by the company  pursuant to its long-term
              incentive  plans has been  registered on Form S-8,  filed July 27,
              2001, registration no. 33-66020.


Item 6.       Exhibits and Reports on Form 8-K


     (b)      Reports on Form 8-K

              On October 19,  2001,  the company  furnished a report on Form 8-K
              under Item 9, Regulation FD Disclosure,  attaching a press release
              announcing its anticipated results for the quarter ended September
              29, 2001 and supplemental  information regarding Dutch Mill Baking
              Company,  Inc., a wholly-owned  subsidiary,  closing its bakery in
              Wyckoff, New Jersey.





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<PAGE>


                      TASTY BAKING COMPANY AND SUBSIDIARIES

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the company
has duly  caused  this  report  to be signed  on its  behalf by the  undersigned
thereunto duly authorized.





                                            TASTY BAKING COMPANY
                                        -----------------------------------
                                                  (Company)








   November 13, 2001                         /S/ John M. Pettine
-----------------------              -----------------------------------
        (Date)                                 JOHN M. PETTINE
                                        EXECUTIVE VICE PRESIDENT AND
                                           CHIEF FINANCIAL OFFICER
                                        (PRINCIPAL FINANCIAL OFFICER)




   November 13, 2001                        /S/ Daniel J. Decina
-----------------------              -----------------------------------
        (Date)                                DANIEL J. DECINA
                                         VICE PRESIDENT, FINANCE AND
                                          CHIEF ACCOUNTING OFFICER
                                       (PRINCIPAL ACCOUNTING OFFICER)






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